Airline set to announce major funding deal after closure scares

AIRLINE Monarch, which has a large maintenance facility in Birmingham, is reported to be on the brink of a new finance deal after scares over the weekend that the business was set to fold.

The airline, which operates out of Manchester, Leeds Bradford and East Midlands, in addition to Birmingham, dismissed the reports, which surfaced on the internet yesterday, as ‘negative speculation’.

It said all airlines were experiencing problems citing concerns around terrorism, Brexit and a weaker sterling impacting holiday bookings.

It responded to the rumours on Twitter by saying it was on the verge of announcing a significant new investment deal.

In the meantime, all services are operating as normal, it added.

The airline is majority owned by investment firm Greybull Capital, which purchased a 90% stake in the airline in 2014.

This came shortly after the airline opened its new maintenance hanger at Birmingham Airport, in a move which created 150 jobs.

Earlier this year 140 jobs were said to be at risk as the company consulted on the closure of its maintenance facility in Manchester.